Hyderabad: The Essel-Zee Group’s Subhash Chandra Foundation on Friday told the Hyderabad High Court that it would take over the Agri Gold Group of Companies by paying Rs 4,000 crore in phases and complete the takeover within four years. A division bench comprising Justice V. Ramasubramanian and Justice S.V. Bhatt was dealing with the petitions filed by the depositors and agents, seeking an order for CBI investigation into the alleged irregularities committed the Agri Gold Companies.
Mr P. Sri Raghuram, senior counsel appearing for the ZEE Group, submitted that the current value of the assets owned by Agri Gold Group of Companies was Rs 2,200 crore which may increase in the coming years and that they would repay the amount to the depositors in four years. The bench asked the petitioners, state governments of Andhra Pradesh and Telangana, the bankers and the management of Agri Gold Group of Companies to submit their opinions in writing. The court said it would take a final decision after studying their responses.